For financial crime professionals, AML officers, or anyone seeking clarity on fraud and AML terms, Edifice offers a glossary of common acronyms and definitions.
We’ll continuously update this resource to reflect industry developments.
It is known as conscious avoidance, a judicially-made doctrine that expands the definition of knowledge to include closing one’s eyes to the high probability that a fact exists.
A wire transfer is a method of electronically transferring funds from one entity or financial institution to another. It involves the direct transmission of money through a secure network, such as SWIFT (Society for Worldwide Interbank Financial Telecommunication), typically using banking systems or specialised transfer services.
The Wolfsberg Group is an association of thirteen global banks that aims to develop frameworks and guidance for managing financial crime risks, particularly in the areas of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT). The Group provides best practice standards and principles for financial institutions to enhance their AML/CFT controls and promote transparency and integrity in the economic system.
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